This article originally appeared at the Weekly Standard. Click here to read the full story.
By Ike Brannon
Ever since the creation of the Consumer Financial Protection Bureau, or CFPB, proponents of robust economic growth and sensible regulation have been trying to rein it in.
The legislation that created the Bureau – which was a provision of Dodd-Frank – funded the CFPB via the Federal Reserve. The aim of doing so was precisely to insulate the CFPB from the power of the Congressional purse, something that sets it apart from every other executive branch agency.